Naicom tasks new NIA Chairman on industry claims settlement, improve communication btwn sector, regulator
CAPTION:
L- Commissioner For Insurance, Mr Sunday Olirundare Thomas and the new chairman of the Nigerian Insurers Association, NIA, Mr. Olusegun Ayo Omosehin
By Favour Nnabugwu
The Chief Executive Officer of the National Insurance Commission, Naicom and the Commissioner for Insurance, Mr Sunday Olurundare Thomas has challenged the 25th Chairman of the Nigerian Insurers Association, NIA, Mr. Olusegun Omosehin to take industry of settlement of claim
Thomas who at the ok investiture ceremony of Omosehin tasked him among other issues of non-settlement of claims de-market the sector
“I want to also challenge the new leadership on the vexed issues of settlement of claims. I urge the new leadership to deploy the principle of self regulation to take a critical look into this and other similar issues
that are capable of de-marketing the industry”
Inability or actions of some operators’ refusal to settle claims for whatever reasons, the commission said, is unacceptable, “This is unacceptable and it is high time we changed the narrative collectively as an industry”
Naicom thanked the past, new chairman of NIA and the entire industry operators for their unflinching support to him and Naicom but he said he wished that the communication behind the Commission and operators will improve further more.
“I want to equally advise the new leadership to at all times ensure proper communication in engaging the Commission through whatever bilateral windows available”
“We must all see this business as an interest that we must all protect and I again challenge the new leadership of the NIA to take on this task”
I challenge the new leadership to cooperate with the Commission in ensuring compliance and development of IT infrastructure for the operators.
“To actualize our core mandate as an industry, we must facilitate improved perception of the insurance industry, as public confidence in our industry depends among other things on how promptly and fairly we deliver on our promises and obligations to our customers and stakeholders”
He spoke on NAICOM Portal which was officially commissioned by the Minister of Finance, Budget and National Planning Mrs. Dr. Zainab Shamsuna Ahmed few months ago and it is up and running by added to that a number of circulars and directives have been issued by the Commission on compliance with the requirements and update of information needed from operators.
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He pointed out his target to increase the market development of insurance had not change even the promotion of the compulsory insurances which affirmed has gained a lot of improvement
“Greater efforts have been made to partner state governments on enforcement of compulsory insurances and insurances of their assets. The Commission had embarked on this drive to till the ground while expecting the operators to take over and engage the markets but the response from the industry is less than satisfactory”
On the investiture of Mr. Olusegun Omosehin as the 25th Chairman of the
Association, he said, is yet another occasion for celebration in the history of the Nigerian Insurers Association (NIA),
“The unprecedented strides in the various components of our beloved industry are evidence of the enormous hard work of the great men and women of different calibre and pedigree manning the different arms of
the insurance industry”
Without mincing words, the Commissioner for Insurance commended the leadership style of the outgoing Chairman of the NIA Mr. Ganiyu Musa for his amiable leadership and stability of the operations of the Association, his resilience, commitment, and strong passion for the development of the insurance industry.
Mentioning some of Musa’s feats, he added, “We must also not forget his active role in ensuring the completion and eventual commissioning of the new Head Office of the NIA during his tenure.agenda-setting by challenging him and his team with some areas of thought.
Thomas said that operators are not unmindful of the challenges operators in the industry have had to contend with in adapting to drastic changes that are designed to accelerate development and growth of insurance business.
“The current dynamic socio-political and economic environment in the country obviously calls for realignment by all stakeholders to tackle these inherent challenges. There is the need for a firm handshake with all arms to engender fruitful collaborations and cooperation for the collective interest of all”.
The Commission, he assured, will continue to support the insurance industry and specifically the operators/players to thrive by instituting policies that encourage equal access, investment of funds and healthy competition.
